May 18, 2009

Tom Ricketts lines up banks to close Cubs sale

Sports Business Journal reports today that Tom Ricketts has lined up three banks -- JPMorgan Chase, Citigroup and Bank of America -- to arrange the $450 million in financing needed to close the Ricketts family's $900 million acquisition of the Cubs.

The magazine said the deal could be done by this week, and that the potential closing date is in July, after the bid is sent to the court overseeing the Tribune Co. bankruptcy. The Cubs have been on the market since April of 2007. The Ricketts family still must be approved by Major League owners, though that should not be a problem.